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6 Methods to Protecting Your Business Transactions

Protecting Your Business Transactions

The way we do business has become easier. The convenience of digital payment systems and online banking has made us all transact simpler. If you have a great business idea you may think that increased connectivity can be a shortcut to success. However, despite the convenience, this can make us all become careless, resulting in valuable financial information being vulnerable to hackers. But this is where taking some extra precautions will make all the difference. How can we do it? 

Make Your Business Model “Security First”

Going cashless is key and this means that businesses have needed to offer comprehensive digital financial services to win the hearts of customers and this has meant an increase in fraud across every channel. Implementing a model that is “security first” will protect customers and prevent attacks and your security. You can do this through a number of practices, from working with the right managed IT company to having additional modes of protection if you are operating globally, such as an LEI number. Short for Legal Entity Identifier, the LEI code is an identification number for legal entities that want to take part in financial transactions across international markets. When you have the right components in place and focus on security as a priority, everybody is better protected. 

Use One Single Secure Device for Online Banking

As convenient as it is to connect over Wi-Fi, it can be hacked even if you do it at home. You need to have security software, but you also need to have one device to do it, and this means this device should never connect to Wi-Fi. You may want to consider consulting with a Virtual Private Network (VPN) provider to see what they can offer you. 

Change Your Passwords Regularly

Because there are thieves everywhere, you have to secure your information. Changing your passwords at least every six months and adding two-factor authentication for your financial accounts will give you extra peace of mind. On the topic of passwords, you may think that it will save time to use automatic logins or standard password storage systems, but you should not rely heavily on these. 

Get Into the Habit of Checking Your Accounts 

We demand convenience, but rather than using features that download transactions into accounting software, this is where “going manual” can be a lifesaver. It’s important to safeguard your financial information, which is why you’ve got to be as non-digital as possible. 

Confirm Banking Information Via Phone

Online banking makes life easier but if you have major concerns, you need to verify who you are by talking via a scheduled video call and speaking directly to the person handling the banking information. 

Practice Good Cyber Hygiene

A lot of hacks occur, they can be avoided as long as you practice good hygiene online. Cyber hygiene is vital for any banking details. Always use two-factor authentication and you could also use a password generator to create random passwords. 

Protecting your transactions is pivotal and some of these components will go a long way to help you.

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